Brazil's Petrobras increases investment plan to US $68 bn till 2026

Nov 25, 2021 by Energy Connects
image is Petrobras

Brazil's Petrobras increases investment plan to US $68 bn till 2026.

Brazil's state company Petrobras said that they updated their investment plan of 2022 to 2026 by 24 percent making it worth US$68 billion. 

"Petrobras maintains its consistent strategy of focusing on projects with full potential to generate resources and contributions to the Brazilian society," said Joaquim Silva e Luna, the president of the company.

"We prioritise transforming resources into wealth for the country at the same time we follow the sustainable path for the energy transition," he added.  

The company said it will invest US $2.8 billion to reduce and mitigate emissions of scopes 1 and 2.They also said that they will make divestments of US $15 billion and US $25 billion over the next five years for asset sales. 

Even though the company increased its planned investment, it remains lower than the forecast they first had for 2022-2024 figures which were around US $75.7 billion. 

News agency Reuters has quoted sources that Petrobras wants to increase exploration in the subsalt area.

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